Tags: obama | failsafe | trigger | budget | debt

Obama Budget Includes Tricky 'Debt Failsafe Trigger'

Monday, 18 Apr 2011 08:41 PM

By Tom O'Connell

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
President Obama’s plan to reduce the deficit by $4 trillion over 12 years includes a “debt failsafe trigger” that would come into play if lawmakers overspend in the future.

Obama explained the plan: “If, by 2014, our debt is not projected to fall as a share of the economy -- or if Congress has failed to act -- my plan will require us to come together and make up the additional savings with more spending cuts and more spending reductions in the tax code.”

Brian Darling points out on HumanEvents.com that this could lead to unelected officials having the power to raise taxes during future federal budget battles.

Conservative columnist Dan Mitchell of the CATO Institute writes: “If politicians in Washington spend too much and cause more red ink, which happens on a routine basis, Obama wants a provision that automatically would raise taxes on the American people.”

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved